Cloak of Elvenkind

Big fan of no longer needing to use an action to raise or lower the hood. Always seemed like a silly requirement to me since you are already attuned to the cloak.

Agreed. Simple, awesome change.

Wisdom (Perception) checks made to perceive you have Disadvantage,

Since it's normally Passive Perception which is used to perceive someone trying to Hide with Stealth, that Passive Perception check would in this case receive a -5 penalty because of the Disadvantage.

Basically that's what this item gives you over and above the Boots of Elvenkind, in exchange for ... shudder ... attunement.  I mean, -5 is pretty good!  Still... attunement.

Creatures can still try to locate hidden creatures with a skill check using their action...

I liked the pull the hood down or up mechanic because it makes sense for your unhidden head to give you away and it made it posable for the cloak to be deactivated and used in a situation where you want to be seen but definitely agree about getting rid of the as an action part.

this is great for a rouge because if your trying to be stealthy rouge you will have expertise in stealth and at least have a +4 in dexterity so that's +8 minimum in addition to advantage which gives you a 91% chance of success and a minimum 20 passive perception to be spotted with an average roll of 22 but once you reach 5th level you get a +10 to stealth you get a 96% chance of success and an average roll of 24.